Business Continuity

Business continuity planning is a process that identifies potential threats to an organization/company and the impacts they might have on the business operations if those threats were realized.

Most business owners are aware of the importance of having a business continuity plan in the event of physical damage to a business that would hinder or close operations. But have you ever evaluated your business continuity plan to include the loss of a key employee or owner to identify how you would continue operations if suddenly that individual was no longer there?  Protecting vital employees or owners is just as important as protecting your physical assets. In some instances the financial loss of a key employee is greater than that of a loss of a building, equipment or production. By allowing us to take you and your business through our evaluation process we can help identify if there is a potential threat in the event a key employee is no longer there.

What are the areas you need to review

• Long term disability of a key employee or business owner
• Sudden loss of a key employee or business owner
• Retirement of a business owner

Why Create a Business Continuity Plan?

Your business’ capability of getting back on track, continue operation and provide service, open communication lines, depends on how prepared you and your employees are for such situations. Knowing what to do and how to execute a strategy can be crucial in times of panic, confusion and lack of communication. Also knowing the plan in the event of a loss of key employee or owner needs to be addressed. Having a simple and basic business continuity plan in place can provide the confidence that the business and employees can continue operations.

A Business Continuity Plan should Include

• Brief introduction, objectives, and summary
• Risk management plan and analysis
• An Incident response plan and plan activation details, designated team, communications processes and contact list
• Recovery, evaluation and update Plan

Having a Business Continuity Plan is a necessary precautionary step every business owner should consider. Call Innovative Financial Group for a complimentary conversation. We can help you answer the question “how well are you planned and how can you tell?”